Increases stake in uranium-gold project by 63%

Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, is pleased to announce the staking of three new claim blocks totalling 4,856 hectares (48.56km2) (the "Claim Cells") contiguous to and extending the Company's Charlot - Neely Lake uranium-gold project ("Charlot-Neely" or the "Project") in northern Saskatchewan to 12,481 hectares (124.81km2) - a 63% increase.

Highlights

• Three new Claim Cells totalling 4,856 hectares (48.56km2) added to the property, thereby enlarging the Charlot-Neely project area to 12,481 hectares (124.81km2).
• The Claim Cells cover up to 20km in length of the regionally significant Black Bay Fault which is associated with rare-earth and uranium mineralisation elsewhere in northern Saskatchewan.
• The Claim Cells include an extensive 11km corridor of historic electromagnetic ("EM") conductors coincident with the western margin of the Black Bay Fault.
• The southern part of the acquired Claim Cells includes historic exploration records with trench samples assaying up to 0.43% U308, highly radioactive scintillometer readings of up to 70,000cps and grab samples assaying >2,000ppm uranium.
• The Claim Cells also include uranium and REE targets identified from hyperspectral data analysis.
• The Claim Cells have an initial term of two years with the first renewal dates falling mid-September 2025 and are directly contiguous to the Charlot-Neely Lakes project claims package which facilitates assessment work credit distributions.
• Fulcrum has staked the Claim Cells for a cash consideration of CA$3,174.

Ryan Mee, Chief Executive Office of Fulcrum Metals plc, commented:

"The low-cost acquisition of the additional claim blocks through staking is based on the encouraging preliminary results of phase 1 exploration at Charlot-Neely announced on 7th September. Not only were several areas of high radioactivity, including off-scale scintillometer readings of +65,535 counts per second identified, but new uranium trends Fall-1 and Fall-2 were discovered in the same northeast-southwest trend as the Black Bay fault.

"The additional claim blocks cover a significant length of the Black Bay Fault along with noted historical extensive EM conductors and high priority hyperspectral targets which add to overall prospectivity of the Charlot-Neely Lake project.

"Our decision to increase our stake in the Project by approximately 63% was driven by two factors; (i) positive exploration results; and (ii) a buoyant uranium market driven by global net zero commitments, the latter contributing to the spot price of uranium reaching US$73.5 per pound, a 12-year high.

I look forward to providing further updates as we await assays and interpretation of the phase 1 exploration program."

Figure 1 - expanded Charlot-Neely Lake project

Technical Glossary